Chevron shareholders easily passed a resolution in favor of cutting emissions generated by the use of the its products during the company’s annual general meeting on 26 May.
A total of 61% of shareholders voted in favor of an open-ended proposal for Chevron to cut its Scope 3 emissions, or the emissions created by customers of Chevron’s products.
Shareholders nearly passed measures that would require the company to prepare a report on the impact of IEA’s net zero emissions by 2050 scenario and one that require the company to disclose more information about its lobbying activities. Both measures fell by an approximate margin of 52% to 48%.
The passing of the Scope 3 measure may show investor displeasure at a seemingly slow reaction to climate change, but could also be little more than symbolic. The proposal sets no target of on exactly how much emissions should be reduced by, or by what date.
The vote came on what was a difficult day for both US supermajors. Chevron’s rival, ExxonMobil, saw two of its candidates lose seats on the board of directors to insurgent activist firm Engine No. 1, which attacked company leadership for inattention to climate issues and general underperformance.